Why does a gain or loss develop when plant assets are retired? Select answer from the options below The carrying amount of a retired asset must be zero. The gain or loss on disposal arises from the debit or credit to accumulated depreciation. When an asset is retired, the asset and associated accumulated depreciation must be removed from the books. If the disposal is without any cash recovery, the entity recognizes a gain that is equal to the asset's carrying amount. Retired assets must be sold or salvaged at disposition; sale or salvage amounts either above or below the carrying amount of the asset result in a gain or loss. When an asset is retired, the asset and associated accumulated depreciation must be removed from the books. If the disposal is without any cash recovery, the entity recognizes a loss that is equal to the asset's carrying amount